Ann: Andromeda and Minotaur to Combine, page-197

Some posters have advised holding off approving the merger, believing a third party would place a competing bid. Whilst it was an extreme long-shot before the offer opened, it is clear now that won't happen. If someone else wanted MEP, they'd hardly wait until a good chunk of the offer was accepted before acting. If a third party was going to act, they'd have done it already.

As I understand it, under the terms of the deal, any improved ADN offer flows through to all MEP holders, including those who accepted. However, IMHO, ADN holders will revolt if that offer is increased.

If shareholders wait to accept, the best case scenario for MEP holders is the deal is extended. THIS IS NOT IN THOSE HOLDERS' LONG TERM INTERESTS. If MEP shares are converted, then LT holders will inherit delays with their newly minted ADN shares. "Waiting" for a better offer not only risks delays, but risks perpetuating a low take-up, that makes achieving the 90% target impossible.

Nothing moves forward until this merger is closed. Delays are often unavoidable, but they are never good. The length of the merger delay is now in the remaining uncommitted MEP holders' hands.